Why Shopify Stock Soared This Week
Shopify (NYSE: SHOP) investors had a great week, with shares jumping 18% through Thursday trading compared to a 2.6% decline in the S 500. That result put the e-commerce platform stock up over 60% so far in 2023 while the wider market is up 6%, according to data provided by S&P Global Market Intelligence. The stock remains well below the highs it reached in late 2021.
This week's spike was powered by Shopify's Q1 earnings report, which included news of a strategic shift for the business.
Shopify on Thursday reported generally strong sales and earnings results for the Q1 selling period that ended in late March. Revenue growth was slightly better than expected, and profitability also beat management's broader target for the year thanks to solid e-commerce demand on its platform.
Source Fool.com
Shopify Inc Stock
With 6 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 80 € shows a positive potential of 29.03% compared to the current price of 62.0 € for Shopify Inc.
